Fes Company is making adjusting journal entries for the year ended December 31, 2021. In developing information for the adjusting journal entries, you learned the following: a. A two-year insurance premium of $7,400 was paid on January 1,2021 , for coverage beginning on that date. As of December 31 , 2021 , the unadjusted balances were $7,400 for Prepaid Insurance and $0 for Insurance Expense. b. At December 31,2021 , you obtained the following data relating to supplies. Required: Prepare adjusting journal entries at December 31,2021 , for (a) insurance and (b) supplies. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)